Table: Quantity of Output and Costs Quantity of Output (units) Total Variable Cost ($) Total Cost ($) 1 100 200 2 190 290 3 270 370 4 340 440 5 420 520 6 510 610 7 610 710 The table provided shows the total variable cost and total cost of production for varying quantities of output by a typical profit-maximizing firm in a perfectly competitive market. How many units will the firm produce at a market price of $95 to maximize profits?

A firm produces 400 books and sells each book for $15. If the explicit cost of producing the books is $4,500 and the implicit cost is $1,000, the firm’s economic profit is

Which of the following is true at the quantity of labor hired by a profit-maximizing monopsonist?

Which of the following is true if the production of a good creates negative externalities?

Which of the following is the best example of the free-rider problem? 

Which of the following is true when a profit-maximizing monopolist produces in the elastic portion of its demand curve?

Ryan quit a job with a daily salary and opened a business. On a daily basis, the total revenue of the business is $200, and the explicit costs of the business are $120. If Ryan has zero economic profits, what must be the value of Ryan’s implicit costs?

If a perfectly competitive firm increases its price above the market equilibrium price, which of the following will be true for this firm?

Which of the following is true about the marginal revenue of a firm in a perfectly competitive industry?

A typical firm in a perfectly competitive constant-cost industry is operating with an economic loss in the short run. When the industry returns to long-run equilibrium, what will happen to the number of firms in the industry, the market price, and the typical firm’s quantity?